Powering embedded banking/BaaS, The Bank of London launches TBOL AI code assistant enabling rapid integration with banking APIs.
The Bank of London officially introduces the TBOL Artificial Intelligence code assistant, using generative AI capabilities powering clients and developers “to build at speed, applications, products and services via The Bank of London’s API.”
TBOL AI has been initially developed to “support the bank’s Developer Studio, which gives businesses access to one of most comprehensive, modern, and flexible API offerings for embedded banking in the UK. ”
Designed to accelerate development while maintaining the principles “of trust, security, and compliance of a fully regulated bank, TBOL AI leverages The Bank of London’s unique AI model.”
Frankie Woodhead, The Bank of London’s Chief Product Officer said:
“Our game changing TBOL® AI marks a first of many steps in integrating AI into our broader offering as a regulated bank to help businesses benefit from our real-time Banking-as-a-Service and API capabilities. We’re already providing the UK’s fastest route to market with one of the most comprehensive API offerings of any bank, alongside a unique approach as a safer bank; anyone can access our API sandbox today without the need to sign non-disclosure agreements or go through paywalls.”
TBOL AI assistant has been designed “to handle questions involving multiple programming languages and address general and technical queries in real-time.”
It will be developed further “to integrate direct chat capabilities within the API documentation, allowing clients and developers to communicate directly with bank product and technology staff.”
The Bank of London API “is live in a free sandbox test environment allowing developers to simulate and test their applications, integrations across many different offerings including current and interest-bearing accounts, segregated accounts, confirmation of payee, payments, customer onboarding and virtual accounts. ”
As covered, The Bank of London is a principal UK clearing bank.
With a ‘safer by design’ approach different to other banks, no deposits with the bank are loaned, invested or leveraged. All client money “is held securely at the Bank of England, available on demand.”
The bank provides business-to-business banking solutions including:
- Agency, clearing, payment and settlement solutions;
- Embedded Banking, making it possible for companies to embed regulated banking products into their own customer offerings, under their own brand and powered by the bank’s licence and platform;
- Commercial Banking, serving SMEs as well as corporate, government and institutional clients;
The Bank of London is authorised by the Bank of England’s Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.